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Archive for July, 2015

Homeowners Insurance in Frisco

Friday, July 31st, 2015

One of the most important things you can do to protect your investment is to purchase Texas homeowner’s insurance. Homeowner’s insurance pays to repair or replace your home or personal property if it is damaged or destroyed by something covered under your policy. Learning about homeowner’s insurance prior to buying a home is very important. This is especially important in Frisco, TX because home values average more than $200,000,

Available Coverage

Usually, when you purchase insurance to cover your home, there are five different types of coverage that are included in your policy. Dwelling coverage pays for damage to your house and €unattached structures€ like fences, sheds, and even the garage. Personal Property coverage is for personal items like clothes, furniture and appliances. Liability protects you if you are sued over damage caused to another’s property. Medical Payments coverage assumes the cost of treating someone injured on your property and Loss of Use pays for additional expenses if you cannot remain in your home because of covered damage and need to find another place temporarily.

Types of Policies

In Texas, it is possible to purchase one of two types of polices- Comprehensive Coverage or Specified Perils Coverage. Comprehensive Coverage, also called €all risk€ coverage offers the broadest protection possible. Generally, everything is covered unless your policy specifically excludes it. Specified Perils Coverage offers more narrow coverage with only the specific €named€ perils in the policy covered.

It is important to note that even with an all risk policy, there are usually several exclusions. Make certain to read your policy for exclusions to ensure the perils you want protected are covered. For instance, a typical homeowner’s policy does not cover damage caused by floods, earthquakes, termites, normal wear and tear, and mold.

Important Terms

Insurance policies are filled with unfamiliar terms, often making it difficult to understand exactly what is covered and how. Understand the following terms can make it much easier to read through your policy:

Replacement Cost refers to the dollar amount of replacing or repairing your home. This figure is based on current construction costs and is completely different from market value and does not include coverage your land.

Actual Cash Value is simply the cost to replace your property less depreciation. Actual cash value offers less coverage because depreciation is taken into consideration.

Policy Dollar Limits are the maximum amount your insurance company must pay if your home is damaged or destroyed. It is critical you have enough coverage to avoid financial distress. As it relates to personal property coverage, most insurance policies only cover up to a certain amount for valuables and you will possibly have to seek additional coverage.

Condo Warranty Can Benefit You

Wednesday, July 22nd, 2015

Fixing creaky old appliances can be costly, and it often seems there is no way of avoiding such expenses. However, many owners and renters have found a solution: purchasing a condo warranty.

Unlike insurance-which covers natural disasters, calamities, and theft-a warranty is a service contract that, among other things, covers major appliances for members of a condominium. These warranties are specifically designed to work within the existing support structure and services provided by your association, so you only pay for the protection you need. Here are four ways a condo warranty can benefit you.

Covers Major Home Appliances and Systems

While the definitions of major systems and appliances may vary from policy to policy, a condo warranty will typically cover HVAC, plumbing, electrical, hot water heaters, garbage disposals, dishwashers, stoves and ovens, washers and dryers, and garage doors. Refrigerators are often covered when they are in the property at the time of purchase. This can be even more beneficial in the event that a retailer or chain goes out of business and/or any coverage you have on the product lapses.

Enhances Market Value

Condo warranties are, in general, cost-saving tools when it comes to maintenance. However, they can also be an enhanced benefit in a competitive seller’s market because they increase a unit’s marketability. According to the National Home Warranty Association, units on the market that covered by warranties tend to sell about 50 percent faster than homes that are not.

Protects from Potential Post-Sale Legal Disputes

Warranties generally protect the condo’s seller from post-sale legal disputes. They allow for the purchaser to invest with confidence, as they are given more security than what is offered by a statute of limitations, which, in most cases, only lasts four years. On the flip side, sellers can avoid legal disputes based on faulty or dysfunctional appliances and systems because they are covered. Of course, reviewing the fine print for specifics is always highly encouraged before purchasing a property.

Provides Peace of Mind

Out of the nine most crucial appliances in the home, at least one is expected to break down at some point in its 13-year average lifespan. A new buyer is assured some peace of mind in knowing that if something goes awry with any of the condo’s major appliances or systems, they will likely be covered by the warranty.